Vouchers Enable Manufacturers to Purchase Equipment to Improve Production Processes
As of today, the New Jersey Economic Development Authority (NJEDA) has already approved over $8 million in vouchers to 69 New Jersey manufacturers under the New Jersey Manufacturing Voucher Program (MVP). Approved awardees can use the vouchers to purchase equipment to help New Jersey manufacturers upgrade their businesses. The program application window is now closed after being fully subscribed. NJEDA staff will continue to review applications with additional approvals expected in the coming month.
“New Jersey’s manufacturing sector continues to be a strategic component of our state’s economy, by creating essential products for people and businesses and creating skilled jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, the New Jersey Manufacturing Voucher Program is providing manufacturers will the support they need to drive economic activity, boost our supply chain, and ensure New Jersey’s strong economic future.”
Governor Murphy announced the New Jersey MVP in October 2022 as a pilot program. Originally funded with $20 million from the Governor’s Fiscal Year 2023 budget, the program offers vouchers valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000. In March, in order to fulfill a robust pipeline of eligible applications, the NJEDA’s Board voted to increase available funding to $33.75 million. Governor Murphy’s Fiscal Year 2024 budget includes another $20 million for the program. The program focuses on manufacturers within targeted industries that will use purchased equipment to integrate innovative technologies, processes, and materials to improve the efficiency and productivity of their manufacturing business. Both for-profit and not-for-profit companies are eligible for vouchers.
In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, the New Jersey MVP offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses, businesses in opportunity zones, and businesses purchasing equipment within New Jersey, as well as manufacturers that have a collective bargaining agreement in place and small companies with fewer than 100 full-time equivalent (FTE) employees.
Sullivan announced the awards at the New Jersey Manufacturing Extension Program’s (NJMEP’s) 8th Annual State-of-the-State Manufacturing Summit in Trenton today. The event featured a “MADE in NJ’ product showcase and the opportunity for manufacturers to hear from, and engage with, industry leaders and policymakers.
Article Courtesy of the NJEDA